UnderwriteMe, a leading provider of risk automation and marketplace solutions, is pleased to announce a collaboration with ExamOne, a Quest Diagnostics (NYSE: DGX) company, to offer life insurance carriers across the United States a new underwriting assessment engine powered by real-time data insights.
By leveraging both UnderwriteMe’s versatile Underwriting Engine and ExamOne’s leading suite of health data solutions, the companies now jointly offer a strategic solution for carriers and underwriters with a goal of improving straight-through processing rates and empowering underwriters with more efficient tools for confident risk assessment. The consumer-centric experience is available for insurance carriers today.
Real-time and seamless recommendations
“Clients today expect the application process to be seamless and on par with the on-demand experiences they are accustomed to,” said Brett Laker, head of North America, UnderwriteMe. “Together with ExamOne, we can offer carriers real-time access to decision-making, powered by insight from data products combined with comprehensive rules.”
UnderwriteMe’s engine interprets data authorized by life insurance applicants and collected by ExamOne to deliver a risk-based assessment to insurers. By clearly explaining contributing factors defined in the data and applying a debit and credit classification, the joint solution enables insurers to evaluate an individual’s insurance risk based on various data sources.
The powerful combination of ExamOne and UnderwriteMe creates:
- Unmatched analysis resulting from ExamOne’s comprehensive and unique data sources
- Customizable and flexible rule sets
- Explainability of the decision established from contributing factors
- Robust decision recommendations based on a debit and credit classification
- Seamless adoption that easily fits into underwriting workflows
- Streamlined and faster data for a more automated flow
“There is a growing demand for agile and straight-through automated processes in the life insurance industry. This tool analyzes unique data—including LabPiQtureTM (laboratory data and clinical data), ScriptCheck® (prescription data), electronic health records, medical claims, and oral health indicators—and delivers an assessment in a clearly explained format,” said Keith Ward, president and general manager of ExamOne at Quest Diagnostics. “Our team is here to work with you to rapidly amend or create new rules based on the insights you need to make confident decisions.”
The use and disclosure of PHI is in accordance with HIPAA and is compliant with life insurance industry regulatory requirements.
UnderwriteMe, a leading provider of risk automation and marketplace solutions, is focused on accelerating the underwriting journey and improving the life insurance application process. With our award winning solutions, the UnderwriteMe Decision Platform and Protection Platform, they empower partners to transform life markets and close the protection gap. Founded in 2012 in the UK, the company has grown to be a leading insuretech provider with 1,000,000+ policies activated, 1,000+ distribution partners, and 31 global implementations spanning 12 countries. UnderwriteMe is proud to be trusted by insurance industry leaders including eight companies listed in the Fortune 500 or Forbes Global 2000. To learn more visit http://underwriteme.us.
ExamOne, a Quest Diagnostics company, is committed to empowering decisions with health-based insights and providing consumers with innovative solutions that enhance the application process. Through convenient, customizable personal history options, national specimen collection capabilities, as well as instant retrieval of historical health data, they provide quick and reliable insights for life insurers.
